Sterilization Services Market to Witness Robust Growth at 8.08% CAGR, Accounting for $6.30 Bn by 2030, with North America Dominating the Market as Growing Demand for Effective Sterilization Services Rises, States Kings Research

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Feb 08, 2024, 03:19 ET

DUBAI, UAE , Feb. 8, 2024 /PRNewswire/ -- According to a recent report published by Kings Research, the global Sterilization Services Market is estimated to accrue USD 6.30 billion by 2030 in revenue from USD 3.42 billion in 2022, growing at an 8.08% CAGR from 2023 to 2030. Several factors, including the increasing emphasis on infection control and prevention in healthcare, drive market growth. The rising occurrence of healthcare-related infections has become a key driver in the demand for risk reduction solutions. Growing awareness of infection control prompts medical facilities to invest more in sterilization services for a secure environment. Simultaneously, the food industry's concern about foodborne illnesses drives the expansion of sterilization services. Food processing companies prioritize sterilization for product safety, and technological advancements, such as low-temperature methods with hydrogen peroxide or plasma, enhance the market potential of sterilization services.

Sterilization plays a crucial role across diverse industries, including healthcare, pharmaceuticals, food processing, and laboratories. The process is designed to eliminate harmful bacteria and other microorganisms, which can prevent foodborne illnesses, extend the shelf life of products, and preserve their quality. In healthcare settings, sterilization is crucial to curb infection transmission and uphold a safe environment for patients, healthcare professionals, and visitors.

Common sterilization methods encompass heat sterilization, such as autoclaving, chemical sterilization, radiation sterilization, and filtration sterilization. These methods effectively eliminate microorganisms, mitigating the risk of infections and ensuring the safety of products, equipment, and surfaces. Sterilization services utilize various techniques, such as steam autoclaves, where items are exposed to high-temperature, high-pressure steam. This approach proves highly effective in sterilizing diverse materials and instruments, including surgical tools, laboratory glassware, and medical devices.

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Competitive Landscape

Leading companies in the sterilization services market are concentrating on many crucial business approaches, including collaborations, mergers and acquisitions, new product developments, and joint ventures, in order to broaden their range of offerings and enhance their market shares in diverse areas.

For instance, in March 2023, Picarro, Inc. partnered with LESNI A/S to provide top-notch ethylene oxide solutions for global medical device and sterilization facilities. This collaboration integrated LESNI's emission reduction solutions with Picarro's continuous monitoring system, offering a comprehensive approach for sterilizers to minimize emissions, comply with regulations, and enhance control and monitoring capabilities.

Major participants profiled in the global sterilization services market include:

Picarro, Inc.
Steris Corporation
Solvay
Johnson & Johnson Services, Inc.
Stryker Corporation
Medline Industries, Inc
Braun Medical Ltd
PAMA Manufacturing and Sterilization
3M
LESNI

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Trending Now: PAMA Manufacturing Unveils Eco-Efficient Sterile Ethylene Oxide Solution

In January 2023, PAMA Manufacturing and Sterilization introduced a groundbreaking sterile ethylene oxide (EO) solution. The company's innovative EO sterilization process prioritizes eco-efficiency, cost-effectiveness, and safety while ensuring sterilization outcomes comparable to traditional systems.

Widespread Use of Ethylene Oxide Sterilization Method to Fuel Sterilization Services Market Expansion

Based on method, the market is segmented into electron beam, radiation sterilization, ethylene oxide (ETO) sterilization, steam sterilization, gamma sterilization, and others.

The ETO sterilization segment is anticipated to lead the sterilization services market through the projected period due to the widespread use of ethylene oxide (ETO) for low-temperature sterilization in the healthcare industry. It is likely to remain the most popular sterilization technique mainly on account of its price and compatibility. The growing number of health kits being developed and the fact that ETO works with most products will likely lead to an increase in its use, which will support segment expansion over the forecast timeline of 2023-2030.

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Rising Demand for Sterile Medical Equipment to Propel Sterilization Services Market Progress

Based on end user, the sterilization services market has been segregated into medical device companies, hospitals & clinics, pharmaceutical & biotechnology companies, and others.

The medical device companies segment is anticipated to dominate the market over the forecast period owing to the rising demand for sterile medical items and equipment. The growing number of surgical procedures performed worldwide, the increased frequency of healthcare-associated infections (HAIs), the growing prevalence of single-use medical devices, and the rapidly expanding medical device industry are all factors driving segment development.

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Surge in Hospital-Acquired Infections to Drive Sterilization Services Market Growth

The growth of the sterilization services market is driven by factors such as the increasing emphasis on infection control and prevention in healthcare. Key drivers include the rise in hospital-acquired infections, an increase in surgical procedures that involve intensive infection prevention & control, government awareness programs for infection prevention, a growing geriatric population, and a rise in chronic diseases such as diabetes, cancer, heart obesity, and respiratory disorders. Additionally, the market is fueled by advancements in sterilization equipment technology, the growing demand for sterilization services in hospitals & clinics, and an increase in the outsourcing of sterilization services by hospitals, pharmaceutical, and medical device companies.

Increasing Need for Product Safety and Hygiene across Different Industries to Aid North America Sterilization Services Market Growth

North America dominated the global sterilization services market in 2022 due to the increasing need for product safety and hygiene across different industries, including healthcare, pharmaceuticals, and food & beverage. The region benefits from a well-developed healthcare infrastructure, stringent regulatory standards, and a strong product safety and quality emphasis. The United States, in particular, has a significant pharmaceutical and medical device sector that relies on dependable and efficient sterilization services to ensure product safety. Additionally, the presence of regulatory bodies such as the Food and Drug Administration (FDA) underscores the importance of proper sterilization processes. The rising instances of healthcare-associated infections and the growing demand for effective sterilization services in hospitals and healthcare facilities further fuel market expansion.

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Key Points from TOC:

1 Introduction of the Global Sterilization Services Market

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

2 Executive Summary

3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

4 Global Sterilization Services Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

5 Impact of Russia-Ukraine War

6 Global Sterilization Services Market, By Method

7 Global Sterilization Services Market, By Business Type

8 Global Sterilization Services Market, By Delivery Mode

9 Global Sterilization Services Market, By End User

10 Global Sterilization Services Market, By Geography

11 North America

12 Europe

13 Asia Pacific

14 Middle East & Africa

15 Latin America

16 Global Sterilization Services Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

17 Company Profiles

17.1 Picarro, Inc.

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Type Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 Steris Corporation

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Type Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 Solvay

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Type Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Johnson & Johnson Services, Inc.

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Type Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 Stryker Corporation

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Type Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued…………

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